Electric Two-Wheeler Sales in India to Grow at 23% until FY 2023
Growing need for clean
vehicles due to rising air pollution levels coupled with the government support
is poised to boom the India electric two-wheeler market by FY2023F
According
to TechSci Research report, “India Electric
Two-Wheeler Market By Vehicle Type, By Battery Capacity, By
Battery Type, Competition Forecast & Opportunities, FY2013-FY2023”, the
market for electric two-wheelers in India is projected to witness a CAGR of 23%
during FY2018 - FY 2023. Growth in the country’s electric two-wheeler market is
led by rising concerns about vehicular pollution and increasing government support
with several initiatives directed towards promoting the use of electric
two-wheelers across the country. Additionally, increasing R&D focus by
leading companies to develop technologically advanced products and growing inclination
of consumers towards electric two-wheelers is further anticipated to boost
sales of electric two-wheelers across the country during the forecast period.
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"India
Electric Two-Wheeler Market" https://www.techsciresearch.com/report/india-electric-two-wheeler-market/1668.html
On the basis of vehicle type, electric two-wheelers market is broadly
segmented into two categories, namely scooter and motorcycle. In FY 2017, scooters
dominated the country’s electric two-wheeler market with 100% market share. Rising
adoption of electric two-wheelers can be attributed to increasing government
support through several subsidies under its FAME India scheme, which supports
faster adoption of electric two-wheelers in the country. Among regions, North
region dominates India electric two-wheeler market with the region accounting
for nearly half of the sales of electric two-wheelers in the country in FY 2017.
On the basis of battery type, lead
battery dominated the market in FY 2017 and is expected to continue dominating during
the forecast period as well. However, the share of Li-ion battery is expected
to rise at a swift pace owing to their high energy density and lower power
loss. Hero
Electric Vehicles Pvt. Ltd. is the market leader in India electric two-wheeler
market, predominantly on account of the company’s strong dealer and
distribution network across the country.
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“Demand for electric two-wheelers in India has grown over the past few
years, owing to the constant efforts by the government to emphasize on the need
for clean vehicles due to deteriorating air quality. To support its efforts,
the government has been providing incentives on purchase of electric
two-wheelers, owing to various environmental benefits associated with this vehicle
segment. Moreover, with an increasing number of consumers aligning towards
electric two-wheelers coupled with many ongoing research and development projects
in pipeline by the major players, the unit sales of electric two-wheelers are
projected to grow at a robust pace in the coming years”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“India
Electric Two-Wheeler Market By Vehicle Type, By Battery Capacity, By
Battery Type, Competition Forecast & Opportunities, FY2013-FY2023” has analyzed the potential of electric two-wheelers market
across the country, and provides statistics and information on market sizes,
shares and trends. The report will suffice in providing the intending clients
with cutting-edge market intelligence and help them in taking sound investment
decisions. Besides, the report also identifies and analyzes emerging trends
along with essential drivers and key challenges faced by India electric
two-wheeler market.
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